CommercialHarrison CaithnessTue 07 Jul 26
Mirvac Offloads 380 St Kilda Road Office Block for $130 Million
An A-grade office tower opposite Melbourne’s Shrine of Remembrance and Anzac Station has changed hands for $130 million.
Property heavyweight Mirvac offloaded thr 15-storey 380 St Kilda Road to commercial investor OneEast Capital.
The office building was tipped to fetch more than $163m when it came to market in December, 2025.
Mirvac refurbished the 1989-built asset in 2024, spending $60 million to upgrade the facade and lobby, and opening a Woolworths Metro in the lower ground floor.
Home to insurer Defence Health, ICT company C4i and loan agency Now Finance among others, the building has an average lease length of 2.5 years.
It comprises 25,945sq m of office space across 15 levels with 308 car spaces, six podium levels of 2800sq m each and tower floors 1200sq m each. It has a 4.5 star NABERS environmental sustainability rating.
The building at 380 St Kilda Road is about 45 per cent vacant and has a gross office rent price of $717 a square metre.
Leigh Melbourne and Nick Rathgeber of Cushman & Wakefield handled the sale.
Melbourne’s office property market has recorded record low vacancy rates lately compared to the national average of 15.9 per cent.
Property Council of Australia reported almost a fifth of office spaces in Melbourne CBD was vacant in January, up by more than 1 percentage point over six months, and the highest rate recorded since 1997.
About a third of office spaces on St Kilda Road were vacant, increasing by about 2.5 percentage points to more than 30 per cent between July 2025 and January 2026.
The Property Council’s Victorian executive director Cath Evans attributed the vacancies to economic uncertainty, tax increases and the state government’s working from home laws effective September 1.
